Recently, gold has been trading sideways at the price of $1,131.60. Using the market profile, I found today’s point of control at the price of $1,131.20 on the 30M time frame. On this chart I found that price is trading above the 21SMA and that there is sluggish supply in the background, which is a sign of strength. Anyway, I found trading range between the price of $1,133.90 (resistance) and $1,127.60 (support). Watch for buying opportunities with the first target at $1,133.00 or for a break of trading range to confirm further direction. If the price breaches support, gold may test the level of $1,125.65.
Resistance levels:
R1: 1,131.70
R2: 1,132.75
R3: 1,134.50
Support levels:
S1: 1,128.25
S2: 1,127.20
S3: 1,125.50
Trading recommendations for today: watch for buying opportunities on the dips or for a break of trading range to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, gold has been trading sideways at the price of $1,131.60. Using the market profile, I found today’s point of control at the price of $1,131.20 on the 30M time frame. On this chart I found that price is trading above the 21SMA and that there is sluggish supply in the background, which is a sign of strength. Anyway, I found trading range between the price of $1,133.90 (resistance) and $1,127.60 (support). Watch for buying opportunities with the first target at $1,133.00 or for a break of trading range to confirm further direction. If the price breaches support, gold may test the level of $1,125.65.
Resistance levels:
R1: 1,131.70
R2: 1,132.75
R3: 1,134.50
Support levels:
S1: 1,128.25
S2: 1,127.20
S3: 1,125.50
Trading recommendations for today: watch for buying opportunities on the dips or for a break of trading range to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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